China's answer to World Bank to open Singapore, HK offices
BEIJING: The Asian Infrastructure Investment Bank is looking to open new offices in Hong Kong and Singapore, according to people familiar with the matter, in a plan that would mark its biggest expansion since beginning operations in Beijing almost a decade ago.
The multilateral lender, which had more than US$57 billion in assets at the end of last year, is currently negotiating with relevant parties in the cities to open the offices, the people said, asking not to be named discussing non-public information. The bank may announce the move at its annual meeting in June if it can finalise the host member agreements with their respective governments, according to one person.
Set up by China as an alternative to other international financial institutions such as the World Bank, the AIIB is increasingly seeking out a greater presence beyond its base in Beijing to get closer to capital markets. It opened its first overseas office in September 2023 in the United Arab Emirates' capital of Abu Dhabi.
During the Covid pandemic, when China effectively closed its borders, the bank found it hard to manage its overseas projects and faced challenges in getting people to move to Beijing to work at the headquarters.
The AIIB has roughly doubled the number of member countries to over 100 since being established in 2016. While the US and Japan both declined to join due to concerns that the bank would be controlled by China, American allies in Europe - as well as Canada, Australia and New Zealand - all became members.
The Asian Infrastructure Investment Bank didn't immediately respond to a Bloomberg request for comment.
The AIIB has committed almost US$52 billion in funding to 38 member countries, according to its website, with India the largest single recipient. It reported net profit of more than US$1.1 billion last year and had approved 252 separate projects as of the end of 2023, according to its website.
The bank will also elect a new president at the annual meeting in Beijing, with China nominating former Vice Finance Minister Zou Jiayi for the post.
During the inauguration of its outpost in Abu Dhabi, the bank's officials hinted at broader ambitions in expanding its footprint around the world.
That new office "builds proximity to our clients, projects and sustainable development colleagues and allows us to gain valuable experience as we endeavor to expand our offices worldwide,' Laval Wong Sick Wah, head of office of AIIB's Interim Operational Hub, said at the time. - Bloomberg
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